Payoneer Supported Forex Brokers

Payoneer is a popular international payment system that the company's clients use to send or receive money all over the world. According to the Payoneer website, they have over 4 million users across 200+ countries to whom they provide a fast, flexible, secure and low-cost solution. Payoneer accounts can be held in USD, EUR, GBP, JPY, CAD, AUD & MXN.

What Forex brokers are accepting Payoneer?

We did extensive research but unfortunately, we could not find any forex broker that would directly accept Payoneer for deposits and withdrawals (And I doubt that there is any). With that being said,

Because Payoneer offers ACH Bank Debit card, credit card, local bank transfer as well as Payoneer Prepaid MasterCard, you can use one of these options to fund your forex trading account.

Here is a list of popular CySEC-regulated brokers that work with credit/debit cards as well as with bank transfers.

FP Markets

FP Markets was established in 2005 and continues to be one of the go-to brokers for many traders today. The experience gained over the years makes this broker one of the best in the market. In terms of regulations, the broker has oversight from several reputable organizations including the FSCA in South Africa, the CySEC in Cyprus, and ASIC in Australia. With such regulations, traders can expect a fair trading environment on this broker site.

FP Markets offers over 10,000+ trading instruments for traders to choose from that include forex alongside CFDs on shares, commodities, indices, bonds, EFTs, and cryptocurrencies. With such variety, traders can spread their risk across the various asset classes. These assets are traded using market-standard trading platforms offered by the broker. The platforms include MT4, MT5, TradingView, Iress, cTrader, and mobile apps.

Further, FP Markets has two main accounts with different spreads and commissions. These include the standard and the raw account. The standard account has a low spread of 1.0 pips for major currency pairs with no commission. Contrarily, on the raw account, spreads go even lower starting from 0.0 pips but the account features a small commission of 3$ per side per lot. On another note, the broker supports Trading Central for research and analysis.

70.25% of retail CFD accounts lose money

eToro

eToro is a multi-asset investment platform with years of experience in the market. The company launched in 2007 and quickly gained a good name among traders. eToro is currently one the best, if not the best broker for copy trading that allows you to easily copy the trades of the top-performing investors on the platform. With roughly 30M users, it is also one of the biggest brokers on the market.

eToro avails a wide range of assets to choose from. Investors can trade in the forex, cryptocurrency, stocks and commodities markets. In the forex market, investors can trade over 45 currency pairs (CFDs). Additionally, clients can trade over 30 cryptocurrencies on eToro.

In terms of regulations, eToro has good standing. eToro is in Europe regulated by two regulatory bodies; the CySEC in Cyprus and by the FCA in the UK. Furthermore, it also has the Australian license ASIC and the FSAS. These multiple regulations show that eToro plays by the book. That is why it has the trust of millions of traders.

eToro provides its own unique platform to customers for trading. The eToro trading platform is a powerful software suitable for all kinds of traders. The platform is intuitive enough for beginner traders to learn and master. Additionally, it is very responsive ensuring fast trade executions. It is also available as an app for mobile and tablet users.

Fortunately, eToro does not have any hidden fees. The company believes in transparency and provides a page detailing all the charges involved. Typical spreads recorded on eToro ranged from 1.0 to 2.0 for various currency pairs. Read this eToro Review for more details.

51% of retail CFD accounts lose money with this provider.
You should consider whether you can afford to take the high risk of losing your money.

What fees does Payoneer charge?

Payoneer does not charge any sign-up fees and there are also no fees when transferring funds to other Payoneer users. If you purchase the Payoneer Prepaid MasterCard, the annual fee is $29.95 / €24.95 / £24.95 and then purchases online or in stores when using the USD, EUR, & GBP Card are free of charge (tho a cross-border fee may be charged for international purchases). If you pay via the ACH Bank Debit card, then the applicable fee is 1%. For credit card payments the fee is 3% and the local bank transfer fee is 1%.

If you decide to withdraw money from your Payoneer account, the applicable fee is up to 2%. However, if you withdraw to a bank account in the same currency (as is your Payoneer account), then the withdrawal fee is only $1.50, or €1.50, or £1.50 (this currency also has to be the local currency in the country you live in).

Popular alternatives to Payoneer

If you don't like using Payoneer when depositing and withdrawing money from your forex broker, you can consider other popular payment methods like M-Pesa and other Mobile money systems (especially popular in Kenya, Ghana and other African countries), Credit/debit cards, Payoneer, Paypal, Skrill or Neteller.